1.) When looking for or researching a Lender, consumers can go to the NMLS Consumer Access website to look up anyone or any company. As Joetta stated, after looking at MY website, it didn't appear that my company works in CO. Mty company is licensed in multiple states which can be seen by using this consumer tool: http://www.nmlsconsumeraccess.org/
2.) Clarification of previous answer. As in any profession, there are good and there are bad. I have seen SCORES of unscrupulous Realtors in my 20+ years in the business doing things that make me shake my head but that doesn't make all Realtors bad. My comment was designed to demonstrate the simple fact that, just because you carry a license, that alone does NOT make you good at what you do.
Case in point, I recently Pre-Qualified a client, and yet that client decided to go with the Builder's in house lender. 90 days later I get a call from that client stating she had been denied not only by the Builder's lender, but by two other lenders and she only had two weeks to close or have her escrow closed out. She literally cried on the phone and asked me why would I pre-qualifying her if the loan couldn't be done in the first place? The answer to her was simple. I could have and I will close your loan!
That woman and her current husband had two short sales, one previous foreclosure, and one mortgage being currently being reporting 90 days late on her credit report. That woman had been divorced and the home was given to her ex-husband by order of the court. Now to the average lender, this was NOT a doable deal. But to right lender working for right company, this was a closeable loan. And yes I closed it. Knowledge, experience, tenacity and having a calling to help people who can find no help is what separates the good from the not-so-good.
Buying a home after Short Sale:
FHA underwriting guidelines, that are always changing, currently state that a home owner can receive financing 3 years after they sold their home in a short sale. Although, that time penalty CAN be waived in certain cases, including long term job loss/loss of income.
Another possibility, slim as it may be, there is NO time limit on another purchase using FHA if the short sale home owner was current on payments for the previous 12 months before the date of short sale closing. Thatâ€™s a homeowner who stays current on payments during a short sale.
Current on payments for a short sale? A lender stated they've seen one or two short sales get approved while an owner is current on payments, but itâ€™s very rare. After all, the banks are looking for a hardship, and theyâ€™ve made it almost impossible to have a positive short sale outcome unless the hardship is financial. Most banks even require you to be 90 days or more late before they will even look at you for a short sale.
So 3 years or sooner for FHA financing.
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate
Best of Luck!
We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.
This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
Even if you're not ready immediately, Fairway works directly with a credit repair company -- all of this is 100% free and without obligation fyi. I've seen this company perform miracles for people.
Hope this helps, Julie Montgomery, Denver, CO http://www.jmontgomery.com
Best of Luck!
After a short sale most lenders will require you to wait 3 years before your next home purchase. FHA requires a 3 year waiting period just as does a foreclosure. Conventional can sometimes be a longer time frame. I would develop a relationship with a local 'portfolio' lender and let them guide you to the best credit and time frame for their lending products. All is not lost. The time will be here before you know it. Keep your lines of credit clean and save money for your next home. After 3 years you will also be qualified for some of the low interest and low downpayment programs that apply to first time homeowners. All the best.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Our market here is pretty healthy, barring unforeseen circumstances you will hopefully never again be in the position where you need to turn to such a stressful solution.
On to your question - George did give a good answer, but I looked at his website and don't see that his company works in Colorado. Still, you can contact him directly by clicking on his name to see if he can give you a Colorado referral.
I agree with others, that the best thing for you to do is to start now, interviewing lenders. Find out what their underwriter guidelines are, and be sure to tell them the short sale was due to a job transfer. Also, as Donald mentioned, it makes a difference whether or not you were current on your payments.
If you want help that I can provide as an agent, feel free to contact me. It's not unusual for me to assist homebuyers for months or even years if necessary, before they are in a position to buy.
That can mean one of two VERY DIFFERENT things.
Thing 1: "If you find a Sleezy Loan Officer that works for a Sleezy lender, you can get a loan that you probably do not deserve, like the many that were handed out and caused the huge problem we are in today"
Thing 2: "If you find an honest, hard-working Loan Officer who really knows the rules and works for a company that exercises common sense when dealing with financing"
It sounds to me like you intended Thing 2, but if I were a buyer I would really like clarification of that statement.
Sorry about that.
Your Castle Real Estate